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UPDATE 1-GM's electric car sales will meet quotas by 2019, says China chief

UPDATE 1-GM's electric car sales will meet quotas by 2019, says China chief
From Reuters - November 13, 2017

BEIJING (Reuters) - General Motors Cos China joint ventures will be able to generate enough new energy vehicle (NEV) sales volume to account for NEV production quotas by 2019 and without the need to buy credits, GM China chief Matt Tsien said on Monday.

China has set stringent production quotas for NEVs which automakers must meet by 2019, a move that is prompting a flurry of electric car deals and new launches of battery electric and plug-in hybrid models as automakers in China race to ensure they do not fall short.

GM produces vehicles in China through a joint venture with SAIC, the countrys largest automaker, as well as a three-way tie-up with SAIC and Guangxi Automobile Group, formerly known as Wuling Motors.

Tsien, GMs China chief since 2014, said both SAIC-GM Corp and the three-way tie-up are working to at least meet, if not exceed, those credit mandate requirements.

Tsien told reporters on Monday that both joint ventures will try to meet those requirements without having to purchase NEV credits from other automakers with excess credits.

We intend to be able to produce enough products for those joint ventures to be able to meet the NEV quotas on their own, Tsien said.

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